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'''Gregory Reyes''' is the former [[Chief Executive Officer]] (CEO) of [[Brocade Communications Systems]]. On August 11, 2007 he was convicted on 10 counts of illegally backdating stock options while serving as CEO of Brocade.<ref>[http://linux.sys-con.com/read/414771.htm Ousted Brocade CEO Convicted On All 10 Counts Of the Criminal Backdating Charges], linux.sys-con.com, Aug. 16, 2007</ref> In January 2008, he was sentenced to 21 months in prison and received a $15 million fine.<ref>[http://www.infoworld.com/article/08/01/17/Brocades-Reyes-gets-21-months-in-backdating-case_1.html ''Brocade's Reyes gets 21 months in backdating case''], Stephen Lawson, IDG News Service, January 17, 2008 (via www.infoworld.com, retrieved Dec. 5, 2008)</ref> U.S. District Judge [[Charles R. Breyer]], the sentencing judge, refused to grant the defense request for a sentence of no more than 13 months, to be served in a halfway house rather than prison.<ref name=sfgate-2008-01-17>[http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/01/16/BAEDUGBV5.DTL ''Brocade ex-CEO gets 21 months in prison for stock options scheme''], Bob Egelko, San Francisco Chronicle, January 17, 2008</ref> |
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'''Gregory Reyes''' is the former [[CEO]] of [[Brocade Communications Systems]]. On August 11, 2007 he was convicted on 10 counts of illegally backdating stock options, whilst CEO of Brocade. |
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In August 2009, The [[Ninth Circuit Court of Appeals]] reversed Reyes's conviction due to prosecutorial |
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misconduct in making a false assertion of material fact in its closing argument to the jury.<ref>{{cite news |first=Karen|last=Gullo|title=Ex-Brocade Chief Gregory Reyes Wins Bid for New Trial|work=Bloomberg |date=August 18, 2009 |accessdate=August 18, 2009 |url=http://www.bloomberg.com/apps/news?pid=20601087&sid=aioApQz0Ju4c}}</ref> |
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In the appeal, the [[National Association of Criminal Defense Lawyers]] had supported Reyes with an [[Amicus curiae|amicus brief]] urging reversal.<ref>[http://www.nacdl.org/public.nsf/newsreleases/2008mn22?OpenDocument ''National Criminal Defense Bar Assn. Files Amicus Brief in Appeal of First Stock Options Backdating Conviction''], NACDL Press release, September 12, 2008. The NACDL also made a copy of the amicus brief [http://www.nacdl.org/public.nsf/newsissues/amicus_attachments/$FILE/Reyes_Amicus.pdf available online].</ref> Reyes was represented in the appeal by former [[U.S. Solicitor General]] [[Seth Waxman]].<ref name=sjmn-2009-05-08>{{cite news |first=Howard |last=Mintz |title=Brocade's Reyes hopes to reverse stock options backdating convictions |work=San Jose Mercury News |date=May 8, 2009 |accessdate=May 11, 2009 |url=http://www.mercurynews.com/ci_12331758 }}</ref> |
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In addition to the criminal proceeding, Reyes has also been named in several civil lawsuits in state and federal courts, stemming from the backdating, including one federal suit filed by the U.S. [[Securities and Exchange Commission]].<ref>''Securities And Exchange Commission v. Reyes et al.'', no. [http://dockets.justia.com/docket/court-candce/case_no-3:2006cv04435/case_id-182631/ 3:2006cv04435], N.D. Cal., filed July 21, 2006; ''Pace v. Bidzos et al.'', no. [http://dockets.justia.com/docket/court-candce/case_no-5:2007cv03742/case_id-194264/ 5:2007cv03742]. N.D. Cal. , filed July 19, 2007; ''Jones v. Brocade Communication Systems, Inc. et al.'', no. [http://dockets.justia.com/docket/court-candce/case_no-3:2007cv03804/case_id-194445/ 3:2007cv03804], N.D. Cal., filed July 25, 2007; and ''Huang et al. v. Reyes et al.'', no. [http://dockets.justia.com/docket/court-candce/case_no-3:2007cv05950/case_id-198070/ 3:2007cv05950], N.D. Cal., filed November 26, 2007; ''In Re Verisign, Inc. Options Litigation (Mykityshyn V. Bidzos)'', no. [http://www.sccaseinfo.org/pa6.asp?full_case_number=1-07-CV-085890 1-07-CV-085890], Cal. Superior Ct., Santa Clara County, filed May 15, 2007.</ref> Reyes settled one of the suits, a [[derivative suit]] brought by Brocade shareholders on behalf of the company, in June 2009, for a reported $12.5 million.<ref>{{cite news |first=Zusha |last=Elinson|title=Brocade's Closely Watched Backdating Lawsuit Ends in the Red |work=The Recorder |date=June 19, 2009 |accessdate=June 19, 2009 |url=http://www.law.com/jsp/article.jsp?id=1202431585820 }}</ref> |
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==External links== |
==External links== |
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* [http://www.ca9.uscourts.gov/datastore/opinions/2009/08/18/08-10047.pdf ''United States v. Reyes''], no. 08-10047 (9th Cir. Aug. 18, 2009); Ninth Circuit opinion reversing Reyes's conviction on the ground of prosecutorial misconduct |
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*[http://linux.sys-con.com/read/414771.htm Ousted Brocade CEO Convicted On All 10 Counts Of the Criminal Backdating Charges] |
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==References== |
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Gregory Reyes was convicted on Aug 7th 2007. |
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{{DEFAULTSORT:Reyes, Gregory}} |
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Greg Reyes has repeatedly voiced his innocence. He claimed to have telephoned former Board of Director Neal Dempsey of Venture Capital firm Bay Partners of Cupertino, CA. on exactly what he was doing and Dempsey continued to ignor his calls. What Dempsey did was offer Reyes a $30 million buyout clause but he then turned around did an about face and reported everything to the SEC. Dempsey is for some reason not being charged of any crimes or wrong doing, however. |
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Revision as of 19:03, 18 August 2009
Gregory Reyes is the former Chief Executive Officer (CEO) of Brocade Communications Systems. On August 11, 2007 he was convicted on 10 counts of illegally backdating stock options while serving as CEO of Brocade.[1] In January 2008, he was sentenced to 21 months in prison and received a $15 million fine.[2] U.S. District Judge Charles R. Breyer, the sentencing judge, refused to grant the defense request for a sentence of no more than 13 months, to be served in a halfway house rather than prison.[3]
In August 2009, The Ninth Circuit Court of Appeals reversed Reyes's conviction due to prosecutorial misconduct in making a false assertion of material fact in its closing argument to the jury.[4]
In the appeal, the National Association of Criminal Defense Lawyers had supported Reyes with an amicus brief urging reversal.[5] Reyes was represented in the appeal by former U.S. Solicitor General Seth Waxman.[6]
In addition to the criminal proceeding, Reyes has also been named in several civil lawsuits in state and federal courts, stemming from the backdating, including one federal suit filed by the U.S. Securities and Exchange Commission.[7] Reyes settled one of the suits, a derivative suit brought by Brocade shareholders on behalf of the company, in June 2009, for a reported $12.5 million.[8]
External links
- United States v. Reyes, no. 08-10047 (9th Cir. Aug. 18, 2009); Ninth Circuit opinion reversing Reyes's conviction on the ground of prosecutorial misconduct
References
- ^ Ousted Brocade CEO Convicted On All 10 Counts Of the Criminal Backdating Charges, linux.sys-con.com, Aug. 16, 2007
- ^ Brocade's Reyes gets 21 months in backdating case, Stephen Lawson, IDG News Service, January 17, 2008 (via www.infoworld.com, retrieved Dec. 5, 2008)
- ^ Brocade ex-CEO gets 21 months in prison for stock options scheme, Bob Egelko, San Francisco Chronicle, January 17, 2008
- ^ Gullo, Karen (August 18, 2009). "Ex-Brocade Chief Gregory Reyes Wins Bid for New Trial". Bloomberg. Retrieved August 18, 2009.
- ^ National Criminal Defense Bar Assn. Files Amicus Brief in Appeal of First Stock Options Backdating Conviction, NACDL Press release, September 12, 2008. The NACDL also made a copy of the amicus brief available online.
- ^ Mintz, Howard (May 8, 2009). "Brocade's Reyes hopes to reverse stock options backdating convictions". San Jose Mercury News. Retrieved May 11, 2009.
- ^ Securities And Exchange Commission v. Reyes et al., no. 3:2006cv04435, N.D. Cal., filed July 21, 2006; Pace v. Bidzos et al., no. 5:2007cv03742. N.D. Cal. , filed July 19, 2007; Jones v. Brocade Communication Systems, Inc. et al., no. 3:2007cv03804, N.D. Cal., filed July 25, 2007; and Huang et al. v. Reyes et al., no. 3:2007cv05950, N.D. Cal., filed November 26, 2007; In Re Verisign, Inc. Options Litigation (Mykityshyn V. Bidzos), no. 1-07-CV-085890, Cal. Superior Ct., Santa Clara County, filed May 15, 2007.
- ^ Elinson, Zusha (June 19, 2009). "Brocade's Closely Watched Backdating Lawsuit Ends in the Red". The Recorder. Retrieved June 19, 2009.
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